Whopping Rs 1046 crores! What political parties have collected via electoral bonds

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Published: December 19, 2018 12:10:55 AM

Political parties have raked in almost Rs 1,046 crore through electoral bond so far since its inception this year, minister of state for finance P Radhakrishnan told the Rajya Sabha on Tuesday.

‘Political parties raise Rs 1,046 cr via electoral bonds so far’

Political parties have raked in almost Rs 1,046 crore through electoral bond so far since its inception this year, minister of state for finance P Radhakrishnan told the Rajya Sabha on Tuesday.

“An aggregated amount of Rs 1,056.73 crore was mobilised through sale of electoral bonds in six tranches…a sum of Rs 1,045.53 crore was encashed by political parties,” he said.

Since the bonds are valid for only fifteen days and cannot be encashed after the validity period is over, political parties have effectively mobilised `1,045.53 crore, as the last issue of such bonds was in early November, said a senior government official.

The government had notified the Electoral Bond Scheme on January 2, aiming to improve transparency in the poll-related funding system. The first tranche of electoral bonds were issued for ten days through March 10 at only four main branches of SBI in metros. The bond deposited by any eligible political party to its account shall be credited on the same day.

The bonds don’t name the donor or the political party he is donating to, but these can be bought only through bank accounts after meeting all the KYC norms. These will be bearer instruments in the nature of a promissory note, carrying no interest, and can be bought for any value, in multiples of `1,000, `10,000, `1 lakh, `10 lakh or `1 crore.

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